Other exchanges have bottomed out at about $70.
I would assume that as soon as mtgox opens the price will shoot down to $70, at which point the buying will start bringing it back to somewhere around $100.
My guess is that everyone buying $50-70 coins are going to try dumping them on gox for 120 at the same time even though likely all the buys that high were canceled, and the price is going to spiral down again because of the mad dash to about 35.